上市家族企业融资结构与经营绩效的关系研究

以2011年沪、深两市304家上市家族企业为研究样本，首先通过主成分分析法提取综合绩效因子，再运用多元回归分析法研究上市家族企业融资结构与经营绩效的关系。研究发现：内源融资比例、实际控制人持股比例、国有法人持股比例、银行持股比例与经营绩效正相关；资产负债率、股权融资率与经营绩效负相关；Z指数、高管持股比例与经营绩效的关系随地区、行业的变化而不同。并根据研究结论提出优化家族企业融资结构，提升企业经营效率的相应建议。

On the Relationship between Financing Structure and Business Performance in Family Firms

Taking 304 family firms listed in Shanghai and Shenzhen as the samples, this paper firstly uses principal component analysis to extract the comprehensive performance factor, and then uses multiple regression analysis to study the relationship between the financing structure in family firms and the business performance. The research finds that the ratio of internal financing and the shareholding rate of actual controller, state-owned legal person and bank are positively correlated with the business performance, while asset-liability ratio and equity financing rate are negatively correlated with the business performance. The relationship between Z index, the shareholding rate of executives and the business performance depends on the different areas and industries. Finally, based on the research conclusions, this paper puts forward corresponding suggestions to optimize the financing structure in family firms and promote the enterprise operating efficiency.